| Moody's Investors Service | ||
| Downgrades | From | To |
| AP Holdings Inc. Sr. Unscd. | Ca | C |
| America West Airlines Inc. Sr. Unscd. | Caa2 | Ca |
| BancTec Inc. Sr. Unscd. | B3 | Caa3 |
| Crown Cork & Seal Co. Inc. Sr. Unscd. | Caa3 | Ca |
| Crown Cork & Seal Finance plc Backed Sr. Unscd. | Caa3 | Ca |
| Crown Cork & Seal Finance S.A. Backed Sr. Unscd. | Caa3 | Ca |
| LDM Technologies Inc. Sr. Sub. | B3 | Caa3 |
| Lodgian Financing Corp. Backed Sr. Sub. | Caa2 | C |
| Metals USA In. Sr. Sub. | Caa2 | Ca |
| Newell Rubbermaid Inc. Sr. Unscd. | A2 | A3 |
| Newell Rubbermaid Inc. Sr. Unscd. MTN | A2 | A3 |
| Newell Rubbermaid Inc. Sub. | A3 | Baa1 |
| Rubbermaid Inc. Backed Sr. Unscd. | A2 | A3 |
| Shaw Communications Inc. Sr. Unscd. | Baa2 | Baa3 |
| APCOA Inc. Sr. Sub. | Caa2 | Caa1 |
| MYCAL Corp. Sr. Unscd. | Caa3 | C |
| United States Can Co. Backed Sr. Sub. | B3 | Caa1 |
| Northwestern Corp. Sr. Unscd. | A2 | Baa2 |
| Enron Corp. Sr. Unscd. | Baa3 | B2 |
| Enron Corp. Sr. Unscd. MTN | Baa3 | B2 |
| Enron Corp. Sr. Sub. | Ba1 | Caa1 |
| European Power Ltd. Co. Sr. Scd. | B1 | Caa1 |
| Internorth Inc. Sr. Unscd. | Baa3 | B2 |
| Marlin Water Capital Corp. Backed Sr. Scd. | Ba1 | Caa1 |
| Marlin Water Trust Sr. Unscd. | Ba2 | Caa2 |
| Marlin Water Trust II Backed Sr. Scd. | Ba1 | Caa1 |
| Northern Natural Gas Co. Backed Sr. Unscd. | Baa3 | B2 |
| Osprey Trust Backed Sr. Scd. | Ba1 | Caa1 |
| Portland General Electric Co. Sr. Scd. MTN | A2 | A3 |
| Portland General Electric Co. Sr. Unscd. | A3 | Baa1 |
| Portland General Electric Co. Jr. Sub. | Baa1 | Baa2 |
| Liberty Financial Companies Sr. Unscd. | A3 | Baa1 |
| Liberty Mutual Capital Corp (Boston) Backed Sr. Unscd. MTN | A1 | A3 |
| Oxford Automotive Inc. Sr. Sub. | Caa1 | C |
| Upgrades | ||
| Nationwide CSN Trust Backed Jr. Sub. | A3 | A2 |
| US Unwired Inc. Sr. Sub. | Caa1 | B3 |
| Packard BioScience Co. Sr. Sub. | B3 | Baa3 |
| FITCH | ||
| Downgrades | ||
| Conseco Inc. Sr. Debt | BB- | B- |
| Brokat AG Sr. Unscd. | CC | D |
| Solectron Corp Sr. Unscd. | BBB | BBB- |
| Enron Sr. Unscd. | BBB- | CC |
| Upgrades | ||
| Northeast Utilities Sr. Unscd. | BBB- | BBB |
| Connecticut Light & Power Co. Unscd. | BBB | BBB+ |
Rating Game (November 22--November 29)